Setting its eyes on expanding business overseas, Oriental Bank of Commerce (OBC) on Friday announced that it hoped to launch its Dubai operations in the next three months and was looking at opening another four branches in other countries.
Talking to newsmen here to launch the process of enrolment for the Unique Identification Authority of India's (UIDAI) ‘Aadhar' project, bank Chairman and Managing Director T. Y. Prabhu said the bank expected to receive Reserve Bank of India's nod for setting up its first overseas branch in Dubai in the next three months.
Plans branches abroad
The bank plans to have a total of three branches abroad in three-four years as part of plans to meet the funding requirement of Indian companies working in foreign markets.
The first overseas branch is planned at the Dubai International Financial Centre (DIFC). “We have asked for approval from RBI and we are waiting for the permission for the branch in DIFC. I think we should get the permission within the next three months. Then we will apply to DIFC,” he added.
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